Stocks On the Move - October 10

Stocks Rise on Heavy Volumn:

• New River Pharmaceuticals Inc. (NRPH): shares of Radford, VA based pharmaceutical company rose for the second straight day by adding 13% to $47.82 per share following postive news on the drug from FDA in the previous session. The stock still has the risk of profit taking with ROC showing the stock is overbought. The stock was the sixteenth leading gainer on Nasdaq today with 9 million shares traded.
• Massey Energy Co. (MEE): shares of Richmond, Virginia based bituminous coal company rose 9.94% to $22.9 per share as investors cite supply and demand imbalance. The stock is still weak as 50 day MA is below 200 day MA and MACD is below 0. With K line rising above D line the stock may continue to go up. The stock was the biggest winner on NYSE today with 4.96 million shares traded.

Stocks Drop on Heavy Volumn:

• Dynavax Technologies Corp. (DVAX): shares of the Berkeley, CA based allergy drug maker plunged 11.07 to $7.15 per share on profit taking and share offering. The stock few days ago soared 55.24% to $7.7 per share. The profit taking may continue as ROC is still showing the stock is overbought. The stock was the eighth leading decliner on Nasdaq today with 7.69 million shares traded.
• CanArgo Energy Corp. (CNR): shares of Channel Islands based oil and natural gas company tumbled 11.11% to $1.04 per share. The stock is now very weak with K line below D line and MACD about to cross below 0. The stock was the third leading decliner on AMEX today with 3.19 million shares traded.